Tuesday 6 May 2025
The Mighty Headlines
Economics: Oil prices fall to four-year low
Business: Shell considers buying BP
Markets: Shoemaker Skechers’ shares rise by 24 per cent
Foreign Affairs: Prime Minister of Romania resigns
Security and intelligence: Israeli Cabinet approves new Gaza plan
Domestic politics: UK Prime Minister telephones French President
The Mighty Stats
FTSE = 8,596.35 (up 1.17%)
S&P 500 = 5,650.38 (down 0.64%)
Nasdaq = 17,844.24 (down 0.74%)
CAC40 = 7,727.93 (down 0.55%)
£1 = $1.33 / €1.17
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The Mighty Detail
Economics: Oil prices have fallen to a four-year low. It comes amid oversupply from Saudi Arabia and a slowing global economy. Over the last few days, prices have fallen to $58 per barrel, the lowest level since February 2021.
Business: There are reports that Shell is considering purchasing BP. BP has struggled commercially in the last few years and its share price has fallen by over 30 per cent in the past year. Shell is said to be waiting for BP’s share price and oil prices to decline further before making a move.
Markets: Shares in the shoemaker Skechers increased by over 24 per cent yesterday. It comes as the investment firm 3G Capital announced that it would take over the company in a deal worth $9.41 billion. Skechers is the world’s third-largest shoe company with 5,300 stores and $8.9 billion in sales in 2024.
Foreign Affairs: The Prime Minister of Romania, Marcel Ciolacu, resigned yesterday. It comes after the candidate from the ruling coalition failed to secure a place in the final round of the Presidential Election. The nationalist candidate George Simion won the first round of voting on Sunday instead, with 40.5 per cent of the vote. He will compete against independent candidate Nicușor Dan in the final round.
Security and intelligence: The Israeli Prime Minister, Benjamin Netanyahu, has said that his Cabinet has approved a plan to “defeat Hamas and return the hostages”. The plan includes capturing Gaza and moving its population. The plan will not be implemented until after President Trump visits the region between the 13th and 16th May.
Domestic politics: UK Prime Minister Sir Keir Starmer spoke to French President Emmanuel Macron by telephone yesterday evening. The two leaders discussed the need for Russia to abide by a 30-day ceasefire in Ukraine to allow for peace talks. They also discussed UK-French cooperation on defence, migration and security as well as recent developments in Gaza.
The Mighty Calendar
What’s happening today?
Japan public holiday (Greenery Day)
High court hearing for Prince Harry, Elton John and Liz Hurley versus the Daily Mail publisher
Friedrich Merz confirmed as new German Chancellor
EU services growth data (April)
US, Canada trade data (March)
Company results from: AMD, UniCredit
Lookahead to tomorrow
Papal conclave begins
UK Foreign Secretary attends EU Foreign Ministers’ meeting
US Federal Reserve interest rate decision
EU retail sales data (March)
UK construction data (April)
Company results from: BMW, Uber, Novo Nordisk, Walt Disney, New York Times, DoorDash
The Mighty Finale
🌤️Weather today
A little cloudy in England. High of 15C and low of 5C in London. Sunny in Belfast and Edinburgh.
✏️Life coaching quote of the day
“Focus more on your desire than on your doubt, and the dream will take care of itself.” – Mark Twain, writer
Mighty takeaway: Don’t focus on the negatives. Focus on the outcome you actually want.
That’s it for this Tuesday morning. Thanks for reading and we’ll see you tomorrow.
Adios!
The Mighty Memo team